Redeem Help To Buy. Do you need a solicitor?

Joemdt

Thrugelmir wrote: »

There'll be legal matters to be attended to. The Help to Buy loan will be secured against your property by means of a second charge. Your main mortgage lender holding the first charge.

What do you mean by legal matters? To remove the second charge, a DS1 form is sent to land registry? Anything more than that?

Joemdt

Thrugelmir wrote: »

A couple of risks that spring to mind. Is that the borrower doesn't pay the money across to the lender, or that the prson completing the forms isn't even the borrower, i.e. is committing fraud. Lenders therefore prefer the matter to be dealt with properly.

You are in effect paying the lenders costs. Should matters go wrong. Then it's the solicitors professional indemnity insurance that pays up. One reason that their fees are so high. As there's thousands of pounds at stake.

If that’s the case then it makes you wonder what the £200 admin fee that Target HCA charge is for.

Thrugelmir

Joemdt wrote: »

If that’s the case then it makes you wonder what the £200 admin fee that Target HCA charge is for.

Running any business comes at a considerable cost. There's only one source of income and that's the customer.

Your employer makes a profit on the work you do. Without a profit there'd be no business, and you'd be out of work.

Thrugelmir

Joemdt wrote: »

What do you mean by legal matters? To remove the second charge, a DS1 form is sent to land registry? Anything more than that?

Who is to say that you'll fill it in correctly. Not just you but every borrower in fact. Business works at the macro level not the micro.

Joemdt

Thrugelmir wrote: »

Who is to say that you'll fill it in correctly. Not just you but every borrower in fact. Business works at the macro level not the micro.

I think it is them that need to complete the form though

NYA2017

I'm a bit late to the party here but I was under the impression it was to verify where the money was coming from. I could be wrong though.

Maxchess

Did the Original Poster decide to use a solicitor or not?
What about anyone else going through the process of paying off Target but not actually moving house?
Thanks

kingstreet

You have no choice.

Step Two of the instructions for redeeming;-

Instruct a solicitor

You must instruct a solicitor to undertake the required legal conveyancing.

We do not endorse any particular firms; however, the web link below may assist you in selecting a Solicitor:
https://www.lawsociety.org.uk

Download the customer information pack linked to here;-

https://www.myfirsthome.org.uk/iwantto/redeem/

Leena1973

Which solicitors could I use for help to buy loan redemption. Thank you